America’s Oldest Department Store Is Closing
1. A Year of Disruption
The year 2020 brought “a series of unprecedented challenges,”
from the death of Kobe Bryant to the global coronavirus pandemic,
setting the stage for major economic turmoil.
2. Lord & Taylor’s Collapse
Lord & Taylor, which “dates back to 1824,” struggled as shoppers shifted online.
Although the company initially hoped to keep fourteen stores open,
it ultimately chose to close “all 38 of their stores” in a final liquidation after filing for Chapter 11 bankruptcy.
3. A Historic Brand’s Final Chapter
Once America’s first department store, it was sold to Le Tote Inc. in 2019.
But “both Lord & Taylor and Le Tote Inc. filed for bankruptcy in August 2020,”
ending nearly two centuries of retail presence.
4. A Changing Retail Landscape
The pandemic also hurt other iconic brands, including Brooks Brothers and J. Crew.
These closures highlight an industry in transition and raise questions about the future of America’s vacant storefronts.
